Parker Drilling Co. announced on July 15 that Gary Rich has decided to retire from his roles as president, CEO and director of Parker Drilling later this year.

Rich plans to remain in his current roles for an interim period to support a smooth transition. The board of directors will engage a search firm to conduct a comprehensive search for a permanent successor.

“Parker Drilling owes a tremendous debt of gratitude to Gary Rich, who oversaw a disciplined strategy to refocus the company and maintain a strong reputation for reliability, innovation and efficiency amid one of the most challenging markets in the company's history. Gary led the company through the industry downturn and successfully worked closely with several stakeholders to put the company on the right path for the future," Eugene Davis, Parker Drilling chairman, said.